NZDUSD is getting close to daily resistance around 0.7225 area. We have a nice resistance trend line adding bearish confluence. IF we see price action finds resistance, we can go into the intraday charts to look for a nice R:R short down to the 0.382, 0.7050 area on the daily chart. IF price action continue to move up and break above resistance, then there will be no trade to enter as the setup would be invalid.
I will update any potential short trade setup here.
Great analysis @jojofang0901 .The pair really needs to drop now its overbought and rallied for nearly a month so there must be an exhaustion. Hopefully the fall will be fruitful as I have been eyeing this pair for 2 weeks.
jojofang0901
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@Jamal92, Thank you. Yes I do see a pullback is needed for NZDUSD, could be a good trade to the down side, lets wait for intraday confirmations. :)
nzd is at top of the trendline, even though nzdusd didn't quite hit horizontal resistance, its still a good place to enter :)